Related party transactions: amendment narrows applicability to contracts where directors hold minimal shareholding, altering disclosure threshold. The amendment deletes the minimum monetary threshold in section 184(4) and substitutes section 184(5)(b) to apply disclosure obligations to contracts between companies or bodies corporate where one or more directors of one party, or two or more together, hold not more than two per cent. of the paid up share capital in the other party, thereby changing when related party rules and shareholding based disclosure duties are triggered.
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Related party transactions: amendment narrows applicability to contracts where directors hold minimal shareholding, altering disclosure threshold.
The amendment deletes the minimum monetary threshold in section 184(4) and substitutes section 184(5)(b) to apply disclosure obligations to contracts between companies or bodies corporate where one or more directors of one party, or two or more together, hold not more than two per cent. of the paid up share capital in the other party, thereby changing when related party rules and shareholding based disclosure duties are triggered.
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